Go Global Retail completes acquisition of ModCloth
Brand-investment platform Go Global Retail has completed its purchase of digitally native fashion retailer, Modcloth, from Walmart.
Go Global officially closed on the deal for the online women's retailer -- which carries a range of women's indie and vintage clothing, shoes, handbags and accessories -- on January 27, after receiving financing from Tiger Capital Group.
According to Jeff Streader, managing director of Go Global, the company plans to further invest in Modcloth's digital and supply-chain capabilities and gain new insights into its operations via AI and predictive analytics.
"We were pleased to partner with Tiger Group on this strategic e-commerce transaction and are enthusiastic about Modcloth's future as a freestanding, independent fashion brand," Streader said.
"Modcloth is known for its strong commitment to its core customers and for championing values of female-empowerment and inclusivity...we're confident in Modcloth's potential for robust national and international growth."
"Over the past few years, Tiger has increasingly focused on e-commerce asset-valuation, monetization and capital-infusion," said Bob DeAngelis, Executive Managing Director at Tiger.
"We saw yet-another strong opportunity in Go Global's acquisition of Modcloth—a digitally native retailer that has posted annual revenues of up to $150 million and that enjoys strong brand equity among consumers."
Walmart announced the sale of Modcloth in October 2019, just two years after it bought the online retailer.
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